Reverse Mortgage Funding Authorized to Originate in Hawaii
This milestone expansion enables RMF to offer reverse mortgage products to customers in all 50 states
BLOOMFIELD, NJ / ACCESSWIRE / July 1, 2021 / Reverse Mortgage Investment Trust (RMIT), the parent company of Reverse Mortgage Funding LLC (RMF), today announced its final approval to operate in the state of Hawaii. With approval to operate in Hawaii, RMF now serves customers in all 50 states.
Hawaii is a stationary state that requires a state presence to be approved for a mortgage license. The Hawaii license allows RMF to offer a range of products including Home Equity Conversion Mortgage (HECM) loans and RMF’s proprietary reverse mortgage product Equity Elite®. In addition, RMF’s wholesale and correspondent lending businesses can purchase loans in the state.
“Our expansion into Hawaii is a milestone. We can now do business in all 50 states and help more seniors live comfortably and confidently in the homes they love,” said David Peskin, president of Reverse Mortgage Funding. “Hawaii is a particularly attractive state for retirees. With 19% of the population age 65 or older and an average home value of over $ 600,000, many homeowners are considering a reverse mortgage to meet their retirement needs.”
Percy Ihara (NMLS # 582944), Reverse Mortgage Specialist at RMF, is a seasoned Reverse Mortgage Loan Officer dedicated to working with seniors and their families. With nearly 20 years of experience in the Hawaiian reverse mortgage market, Ihara has long been a leading advocate for seniors who age on the spot. He has been the editor and editor of Generations Magazine since 2010 and is also the presenter of Generations Radio Podcasts, a weekly series on age and senior issues.
“I take pride in using my extensive mortgage loan experience to help people understand and use reverse mortgage retirement planning,” said Ihara. “I understand the needs of older people and their financial problems very well. I look forward to helping older homeowners continue to have a financially secure future and enjoy the retirement they deserve.”
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About Reverse Mortgage Funding LLC
Reverse Mortgage Funding LLC (NMLS ID # 1019941), founded in 2012, is one of the largest GNMA reverse mortgage issuers in the country and a recognized thought leader in the industry. RMF is focused on the sourcing, purchasing, investing in, and management of reverse mortgage loans and securities backed by reverse mortgage loans. The company is headquartered in New Jersey, with offices in New York and California, and branch offices in the United States. RMF is a wholly-owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), a specialist reverse mortgage finance company. In 2020, RMIT became part of Starwood Capital Group, a global private investment company and innovator in the no agency mortgage business that is helping lead the industry to the success it is today. This relationship will give RMF the unique ability to develop new product lines and forge strategic partnerships within the Starwood family of companies.
Media contact: Jean Noble, firstname.lastname@example.org, 631-270-3214
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This material has not been reviewed, approved, or released by the HUD, FHA, or any government agency. The company is not affiliated with HUD / FHA or any other government agency, or acts on behalf of or on the direction of HUD / FHA.
Equity Elite Reverse Mortgage (“Equity Elite”) is the proprietary loan program of Reverse Mortgage Funding LLC and is not affiliated with the FHA-insured Home Equity Conversion Mortgage (HECM) loan program. Equity Elite is available to qualified borrowers who may also be eligible for HUD, the FHA’s HECM program, or seek loan proceeds greater than HUD, the FHA’s HECM program limit. Equity Elite is currently only available for eligible properties in select states. Please contact your lender to see if it is currently available in your state.
On a maturity event, all non-borrowing persons with ownership interests in the property, including non-borrowing spouses, have a short notice period (e.g. 30 days from a due and payable letter or a letter from the Loan Administrator if extensions are possible in the circumstances) to purchase the property from the inheritance or, if the non-borrower inherits the property, pay off the loan in full from any source of funds at their disposal. Any non-borrowing individual, including a non-borrowing spouse, should have a plan to repay an Equity Elite reverse mortgage upon the death of the borrower or other due date. If the non-borrower is unwilling or unable to purchase the property or pay off the loan in full, There is no protection for the non-borrower (including the non-borrower’s spouse) to maintain an interest in the home or to stay in the home beyond the due date, and the non-credit may be evicted upon foreclosure. The FHA HECM program provides protection to certain non-borrowing parties so a reverse mortgage applicant with certain non-borrowing parties should urgently consider an FHA-insured HECM loan (see HECM guidelines or check with an RMF representative Details). Under the Equity Elite Reverse Mortgage Loan Program, a maturity and / or default event occurs when the last surviving borrower has been absent from their primary residence for at least 12 months without paying real estate fees (including taxes, insurance, or other real estate fees) as required Repairs are not completed or the property is not maintained or another due and / or default event as indicated in the security instrument occurs.
© 2021 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Company NMLS ID: # 1019941. License information can be found at: www.nmlsconsumeraccess.org. Arizona Mortgage Banker License # 0927682; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged under a California Finance Act license; Georgia Mortgage Lender Licensee # 36793; Massachusetts Mortgage Lender License # ML1019941; Licensed by the New Jersey Department of Banking & Insurance; Licensed Mortgage Banker – NYS Department of Financial Services – State Office 700 Corporate Blvd, Newburgh, NY 12550; Rhode Island Licensed Lender. For California Consumers: For information about our privacy practices, please visit https://www.reversefunding.com/privacy. Not all products and options are available in all states. Conditions are subject to change without notice. Certain terms and fees apply. This is not a loan approval. All loans require approval. L3818-Exp052022
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SOURCE: Reverse Mortgage Funding, LLC
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